Tuesday, May 5, 2020 / by Ken Couture
Our world has changed since this pandemic started, and real estate is no different.
Sellers are unsure if they should sell and buyers are unsure if they should buy. So, Las Vegas realtors and lenders have changed how they operate, hoping to instill some confidence.
Call it the “Covid Clause.”
The official term is the "coronavirus addendum." It’s an invention by the Las Vegas Association of Realtors, and it has popped up in housing contracts.
The clause says if either side is directly impacted by this pandemic, you are protected.
For instance, if you lost your job from the coronavirus, the clause would protect you.
“That would be a good reason to use the coronavirus addendum”. He said.
He told us that, with lenders tightening their requirements and sellers hesitant to put homes on the market, the clause is one way realtors are hoping to instill confidence in the housing market.
With fewer to choose from, buyers are having trouble finding the right home. They might also be uneasy about their own financial future.
He says this might be the right time to look, since prices are low and steady. For sellers, he says there are buyers out there.
“You’re not going to have as many overpriced listings out there,” he said “We’ve had a lot in the past and I think it’s come to a realistic price point. So, if you’re a buyer. that’s great. Take advantage of it.”
The bottom line: this, too, is temporary. He believes things will go back to normal when it’s safe for everyone to get back to work.
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